Will it help to pay off a couple of debts?

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cal054

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Post by cal054 » Fri Dec 14, 2018 1:16 pm
Hi

I'm 7 months into my IVA and so far have nothing but good things to say.

I have received a payrise at work but this will be offset due to childcare payments.

My Question is: my original debt was for £9000 but due to my IVA the figured owed is now £6000 if I was to pay off my creditors while in an IVA i.e. I owe £160 overdraft and £900 to very so if I paid off the overdraft and a chunk towards very, would this affect my IVA positively as in would I owe less?

Foggy

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Post by Foggy » Fri Dec 14, 2018 1:28 pm
No! You cannot and must not favour one creditor over another. Debts have to be repaid fairly and pro rata to all creditors. If you do pay off a debt it is possible to have the IVA failed.

Who are you with ? An IVA for £9,000 seems a little heavy handed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

cal054

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Joined: Fri Apr 27, 2018 11:27 am

Post by cal054 » Fri Dec 14, 2018 1:39 pm
Hi

Thanks for your reply, I thought the answer would be something like that and it was never my intention to do so, I was just curious what would happen!

The IVA was a last ditch effort I was on a low income and the credit card payments alone was coming in at around £300 a month, everything became unmanageable.

kallis3

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Post by kallis3 » Fri Dec 14, 2018 3:35 pm
Unless you had assets you would have been better doing a DRO or bankrupty. Do you still have debts not included in your IVA?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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